Oil And Gas Major BP PLC 'A/A-1' Ratings Affirmed; Outlook Revised To Stable Following Litigation Settlement

In our view, BP's cost reduction efforts, along with divestments and lower capital expenditure, should support credit ratios in 2015-2016. We believe that the recent settlement related to the Deepwater Horizon accident has reduced uncertainty with regard to the maximum amount of possible claims. We are affirming our 'A/A-1' ratings on BP and revising the outlook to stable from negative. The stable outlook reflects our expectation that funds from operations (FFO) to debt will not decline below 30% in 2015-2016 and will improve thereafter. LONDON (Standard&Poor's) July 23, 2015--Standard&Poor's Ratings Services today revised to stable from negative its outlook on U.K.-based international oil major BP PLC. At the same time, we affirmed our 'A' long-term and

...+ In our view, BP's cost reduction efforts, along with divestments and lower capital expenditure, should support credit ratios in 2015-2016. + We believe that the recent settlement related to the Deepwater Horizon accident has reduced uncertainty with regard to the maximum amount of possible claims. + We are affirming our 'A/A-1' ratings on BP and revising the outlook to stable from negative. + The stable outlook reflects our expectation that funds from operations (FFO) to debt will not decline below 30% in 2015-2016 and will improve thereafter. LONDON (Standard & Poor's) July 23, 2015--Standard & Poor's Ratings Services today revised to stable from negative its outlook on U.K.-based international oil major BP PLC. At the same time, we affirmed our 'A' long-term and 'A-1' short-term corporate credit ratings on the group. The affirmation and outlook revision reflect our view that actions by BP's management should be sufficient to maintain credit metrics at a ratings-commensurate level in...

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